Bill would limit certain foreign parties’ ownership of farmland and base-area land

Certain foreign-linked parties could not buy, lease, or hold covered land. The restriction covers governments tied to countries listed in federal arms-trade rules and organizations meeting the bill’s ownership or control tests. Covered land includes farmland and property within 50 miles of specified military installations. The bill excludes certain small or passive ownership interests and some specified investments in public companies. The restriction would take effect December 1, 2026.

Some owners could keep covered land they already hold, but must register it; certain later acquisitions must be sold or transferred. An owner who acquired covered land before the effective date, or before the owner’s country is added to the federal list, could keep that interest but could not acquire more. The sale rule covers later land received through inheritance, security-interest enforcement, or debt collection. Owners who miss the registration deadline could face a fine of at least $1,000 for each late day. Unpaid fines could become a lien if the Attorney General records notice. For a violation, the Attorney General would seek a court-appointed receiver to sell the land. Sale proceeds would pay costs and secured lenders first; the prohibited owner would receive none of the excess. The one-year period begins when the owner acquires the land. Sections 1, 2, and 3 would take effect December 1, 2026.

A buyer of covered land would have to sign a statement about foreign-party status and compliance. The rule applies to buyers of a direct interest in farmland or property within 50 miles of a specified military installation. The buyer must sign under penalty of perjury and attach the statement to the deed or transfer document; notarization is not required. The statement is not required for specified documents from banks, credit unions, mortgage lenders, government lending agencies, and certain federally regulated entities that secure a loan or other obligation. The buyer must provide the statement no later than closing.